178 Sale basis of valuation: election by connected persons
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

178  Sale basis of valuation: election by connected persons

(1)     The value of trading stock is determined in accordance with this section if—

(a)     it is sold to a person who carries on, or intends to carry on, a trade[, profession or vocation] in the United Kingdom and is entitled to deduct the cost of the stock as an expense in calculating the profits of that trade[, profession or vocation] for income or corporation tax purposes,

(b)

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